My girlfriend and I bought a house about two weeks ago. Our realtor told us that usually, the highest bid wins, even if there are conditions. The thing about conditions is that you have to be able to waive them quickly.
For example, we bought a house in tuscany on Tuesday, subject only to financing because the place was only a year old. But in the offer we put that we would have the financing condition waived by Friday (three days). They accepted.
Also, be careful that you don't bid too much on a house. In order to get a mortgage, the insurance company, CHMC, will have to see that the house is actually worth that much. So if you put a bid on a house for 350,000 and CMHC comes along as says its only worth 330,000, then your mortgage can only be for that amount. You can still purchase the home for 350,000... if you have an extra 20 grand in the bank.
And lawyers, DAMN they are expensive. Any real estate lawyers that want to give me a quote please do, because I'm going to need one in the next week or so.
__________________
Bleeding the Flaming C!!!
|